The accounting records of Wall's China Shop reflected the following balances as of January 1. Year 3: Cash Beginning inventory Common stock Retained earnings $ 18,000 19,995 (215 @$93) 14,100 23,895 The following five transactions occurred in Year 3 1. First purchase (cash) 120 units @$95 2. Second purchase (cash) 195 units @ $103 3. Sales (all cash): 365 units @$189 4. Paid $15,200 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint. Record the events under an accounting equation before preparing the statements) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint Record the events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. Compute the income tax expense for each method. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. FIFO LIFO Weighted Average Cost of goods sold Ending inventory Req B1> a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-ave flow. Compute the Income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint Record the eve under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet unc'er FIFO, LIFO, and weighted average. (Hint Record the events an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint Record th events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 3 Salanes expense Income before tax FIFO LIFO Weighted Average < Req A Req 82 > 0